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Boston Properties Lifts 2020 Profit View; Enters Into JV With Alexandria

Boston Properties Inc. (BXP) raised its fiscal year 2020 earnings per share outlook to a range of $5.91 - $6.09 per share from the prior range of $3.45 - $3.65 per share, primarily due to an estimated $2.37 per share in gains from sales of real estate. The sale is expected to close in the first quarter of 2020. Analysts polled by Thomson Reuters expect the company to report earnings of $3.59 per share for fiscal year 2020. Analysts' estimates typically exclude special items.

In addition, the company also increased its annual funds from operations per share outlook to a range of $7.47 - $7.65 per share from the previous outlook of $7.45- $7.65 per share, primarily due to lower than projected net interest expense.

The company said it expects earnings per share to be in the range of $3.22 - $3.24 and funds from operations of $1.80 - $1.82 per share for the first quarter 2020. Analysts project first-quarter earnings of $0.80 per share.

Separately, Boston Properties announced a joint venture with Alexandria Real Estate Equities Inc. (ARE) to develop, own and operate about 1.1 million square feet of existing office and lab properties in South San Francisco, California.

The joint venture will also have an opportunity to expand the campus through about 640,000 square feet of future development.

The joint venture expects to own a 1.7 million square foot life science campus, including a mix of office and lab buildings. Boston Properties and Alexandria will each have an approximately 50% ownership in the joint venture once complete.

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